Discussion On Financial Strategy Under Vanke's Asset-light Operation Mode

With the increasingly mature real estate industry,the market competition has become more fierce,how to survive and develop in the fierce market environment has become a problem that China's real estate enterprises must face.Due to a variety of factors,such as tightening national macro policy regulation,rising land costs and increasing number of competitors,the capital pressure of the real estate industry increases,and operational and financial risks tend to rise.As the key resource of the enterprise,the role of asset-light becomes prominent.Asset-light refers to intangible resources such as corporate credit,brand resources,supplier relations,customer relations,institutional system,corporate culture and innovation ability.By virtue of the advantages of asset-light enterprises to develop the growth of the profit model is called asset-light operation model.The successful asset-light operation mode can not only control the financial risks of enterprises,but also improve the operating efficiency and economic benefits of enterprises.Asset-light operation mode has entered the public's vision and been applied by real estate enterprises.Vanke is not only the top real estate enterprise in China,but also one of the earliest enterprises to explore and implement the asset-light operation mode.In the real estate industry,Vanke is generally regarded as a benchmark enterprise,and its asset-light operation mode has attracted much attention from the industry.In this paper,Vanke is selected as the research object to explore its asset-light operation mode and its financial strategy,and to study how its financial strategy supports its asset-light operation mode.The research of this paper has both theoretical and practical significance.In the theoretical sense,this paper deeply combines the asset-light operation mode and financial strategy,and studies and discusses the relationship between them,which will promote the expansion of their research scope to a certain extent.In the practical sense,this paper selects Vanke as the research object,analyzes its asset-light operation mode and financial strategy,summarizes its experience in the implementation of financial strategy,and points out the matters that should be paid attention to in the implementation of financial strategy,which has certain positive guiding significance for Vanke and other enterprises' production practice.First of all,this paper expounds the research background and significance,sorts out the relevant researches of domestic and foreign scholars on asset-light operation mode and financial strategy,determines the research ideas and methods of this paper,and displays the basic framework of this paper.Then,in this paper,the light asset operation mode and its introduction to the theory of the financial strategy,define the two important concepts,this paper studies the operation mode and financial asset light strategy,then,this paper analyzes the light asset operation mode of financial strategy implementation,this paper expounds the light assets operation mode of financial strategy and its implementation effect evaluation method,and expounds the light asset operation mode of financial strategy theory.Secondly,this paper elaborated the industry background and basic situation of Vanke,explored the motivation and conditions for the implementation of financial strategy under the asset-light operation mode of Vanke,and elaborated the main content of the implementation of the asset-light operation mode of Vanke.In addition,this paper focuses on the analysis of Vanke's asset-light operation mode of financing strategy,investment strategy and the specific implementation of operational strategy,and the implementation effect of the three strategies were analyzed and evaluated.In order to make the implementation effect evaluation of Vanke's financial strategy comparable,this paper introduces Poly real estate as a reference enterprise.In terms of financing strategy,this paper analyzes Vanke's financing strategy from three aspects of endogenous financing,equity financing and debt financing,and evaluates the effect from two aspects of financing efficiency and financing risk.In terms of investment strategy,this paper analyzes Vanke's investment strategy from three aspects: reducing the internal heavy assets of enterprises,foreign cooperative investment and merger and acquisition integration,and evaluates the effect from the two aspects of investment efficiency and growth ability.In terms of operation strategy,this paper analyzes Vanke's operation strategy from three aspects of procurement,production and sales,and evaluates the effect from two aspects of operation ability and profitability.Finally,this paper summarizes the experience of Vanke's financial strategy implementation under the asset-light operation mode,points out the problems that should be concerned about the implementation of Vanke's financial strategy under the asset-light operation mode,and explains the limitations of this paper in the conclusion.Through research and analysis,it is found that under the asset-light operation mode,the main motivation for Vanke's financial strategy implementation is to reduce its dependence on high-cost capital,cope with the decline of industry profit margin and give play to the advantages of supply chain management.The implementation conditions of Vanke's financial strategy mainly include obvious credit and brand advantages,outstanding ability of resource integration and rich experience in operation and management.Through the analysis and evaluation of Vanke's financial strategy,the following findings are found: In financing strategy,Vanke's financing cost rate and financing scale are higher than Poly,short-term financing risk is higher than Poly,but long-term financing risk is lower than Poly;In terms of investment strategy,Vanke's overall investment efficiency is higher than Poly,and its overall growth capacity is slightly stronger than Poly.In operating strategy,Vanke's operating capacity and profitability are significantly stronger than Poly.This paper summarizes the experience of the implementation of Vanke's financial strategy under the asset-light operation mode,including that the introduction of cooperation can reduce the financing pressure,that resource integration is the key to investment and merger,and that the advantages of supply chain management contribute to profitability.In addition,this paper also points out the matters that Vanke should pay attention to in the process of implementing financial strategy,including paying attention to the adverse effect of high cash payout on financing,avoiding inefficient business diversification,and paying attention to the quality control of outsourcing business.Through research and analysis,it is found that the implementation of asset-light operation mode is inseparable from the support of financial strategy.A successful asset-light operation model can not only effectively control the financial risks of enterprises,but also improve the economic benefits of enterprises and help enterprises achieve sustainable development.